Golden Matrix Group CEO Brian Goodman has released an update on the company’s latest developments and strategy after a positive third-quarter, when the company reported $41 million in consolidated revenue, an 85 percent year-over-year growth.
Year-to-date revenue for fiscal year 2024 also hit $105.3 million.
“The gaming market is booming, and GMGI’s Q3 results underscore the Company’s ability to deliver sustainable, long-term growth while solidifying our industry position,” Goodman said in the update. “Our growth in consolidated revenue and gross profit highlights the success of the firm’s strategic initiatives and the strength of our team,”
Other positive figures in the third-quarter included gross profits rising by 39 percent to reach $22.4 million, while shareholder equity’s growth rate hit 60 percent. Additionally, the company ended the quarter with $38.4 million in cash. Golden Matrix Group’s cash reserves well exceed its short-term debt of $17.5 million.
That last figure was a strength Goodman highlighted.
“Our financial position allows us to remain agile and proactive in capital allocation initiatives while also ensuring consistent value for our shareholders,” he said.
This financial stability may be why Golden Matrix Group insider ownership was recently revealed to be more than 85 percent.
A key part of the ongoing strategy is securing a license for the Brazilian license. License confirmation is expected by the end of 2024.
“The Brazilian license will certainly be a game-changer for the Company, offering a transformative opportunity to establish a strong foothold in one of the world’s fastest-growing gaming markets,” Goodman said.
